BPL Medical Technologies makes electrocardiographs, defibrillators, patient monitors, oxygenators and ultrasound scanners among other medical equipment and is part of the BPL Group, which makes consumer appliances and home entertainment products like TVs.
The article notes that Goldman Sachs has already invested more than $2 billion in Indian companies since 2006 and they include healthcare industry investments in Nova Medical Centers and Max India. Nova Medical Centers owns and operates a group of surgical and In-vitro fertility centers in the Asian nation. Max India has a healthcare subsidiary which operates hospitals throughout the country.
The report notes what Ankur Sahu, co-head of private equity in Asia making the following statement:
” This investment reflects our continued focus on the Indian healthcare sector where we will continue to fund segments that have a great need and large untapped potential Leveraging our global healthcare expertise and relationships, we are excited to partner with the BPL Group to build a high-quality medical device leader in India.”
According to other press reports, Goldman’s equity inivestment marks the second instance of a global private equity firm betting on the local Indian medical device industry. In April, TPG reportedly invested $23 million in Sutures India, which makes surgical consumables.
With foreign capital flowing to local companies, competition from local device makers is likely to heat up as U.S. device makers are also making a beeline to tap into fast-growing device market. Aside from foreign capital, device makers in places like China also benefit from government prioritizing local innovation.
Source : Indian Express | May 13, 2013